The disproportionate effects of COVID-19 on the health and economic stability of marginalized communities elevate the need for intentional focus on social justice and equity worldwide. Underserved populations experience greater disparities in every social arena, from health care to education.

In response to this urgency, communities call for renewed focus on local action that brings together partners across sectors to deliver meaningful change for the many populations that continue to be left behind. But what will this really mean? How can we act so this chapter of change doesn’t fall to rhetoric? These questions are reverberating across the private sector, with 79 percent of CEOs reporting in a survey that they have had to reevaluate their corporate purpose as a result of COVID-19. Meanwhile, 61 percent of Americans surveyed in June 2020 believe that any corporate action or policy enacted to advance racial equity means nothing without accountability measures in place.

The call to action we face today requires a reexamination of how businesses engage in society and how they will exceed employee expectations to address pressing issues. It also amplifies the expectation that corporate philanthropy fully reflects our values—ensuring disparities in our communities are genuinely considered and addressed across stakeholders, decisions, and results.

We often say global change requires local action. Yet this moment compels every one of us to be bold and do more than communicate a call to action. It requires us to act with intention and attention. It requires courage, momentum, and integrity—qualities nonprofit partners on the front lines of the community demonstrate every day. They’ve shown us that now is the time for corporate philanthropy to innovate beyond the traditional components we are so used to deploying: siloed areas of charitable giving, employee volunteerism, and transactional grantmaking.

Read the full article about innovative corporate philanthropy by Paurvi Bhatt at Stanford Social Innovation Review.